Plz answer
This query is : Resolved
Guest
Guest
(Querist)
22 November 2011
SIR IS NOW GIFT TAX CLOSED OR APPLICABLE. IF YES THAN WHAT IS THE RATE OF IT
22 November 2011
Rajeev, gift tax completely abolished now...and provisons of gift contained in income tax act1961 in sec 56
22 November 2011
Earlier there was a separate Act to tax on gifts called the Gift Tax Act,1958 abolished in the year 1997.
Provisions for taxation of gits were brought under Income tax act,1961, there is no special rate for gifts there are taxable at normal rates as applicable to other inocme.
Provisions for taxation of gits were brought under Income tax act,1961, there is no special rate for gifts there are taxable at normal rates as applicable to other inocme.
Guest
Guest
(Querist)
23 November 2011
thanks sir
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